Justin Sun acquired BitTorrent for $140 million

File-sharing pioneer BitTorrent has been acquired by blockchain entrepreneur Justin Sun, the founder of TRON for $140 million dollars according to Tech Crunch.

The rumours have been circulating that the two firms were in negotiations last month, with BitTorrent long been seeking a buyer of its popular software used by 170 million active users.

The news was broke yesterday by Variety magazines who reported that BitTorrent and Justin Sun closed the deal, but no price was released.

The deal has not been officially signed off by the shareholders as of yet and allegedly some are disputing the terms, although due to the length of time BitTorrent has been seeking a buyer its unlikely that it will harm the acquisition.

What remains unclear is how Justin Sun will utilise BitTorrent and whether its going to be integrated into TRON, but it’s assumed that TRX, the digital cryptocurrency will be used to power the file-sharing app rewarding users for partaking in various activities similar to how Upfiring aims to utilise the blockchain for P2P file sharing. Neither of the companies have official announced what is planned.

The total market cap of the TRX cryptocurrency is currently at roughly $5 billion, of which $1.65 billion is held by Sun’s Tron Foundation.

The future is looking brighter for TRON.

Source: Tech Crunch

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